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Egypt freezes assets of Mubarak family

Posted by on February 21, 2011 0 Comment

Cairo, Feb 21 (DPA) Egypt’s attorney general has ordered a freeze on the assets of former president Hosni Mubarak, his wife Suzanne, and his sons Gamal and Alaa, state media reported.

Mubarak, who stepped down Feb 11 after 18 days of nationwide protests, is believed to have gathered a fortune for himself and his family during his nearly 30 years in power.

Some reports indicate Mubarak’s wealth exceeds $40 billion, and includes properties in London, New York and Los Angeles.

It was widely believed that Gamal, who formerly worked for Bank of America in London, was being groomed for succession as he spent the last few years working within Egypt’s former ruling National Democratic Party (NDP).

The freeze also includes the assets of Mubarak’s wife Suzanne and his businessman son Alaa.

In recent weeks, Egypt has also frozen the assets of ex-ministers and NDP leaders, some of whom have been imprisoned on corruption charges.

Switzerland, where the former president is believed to hold bank accounts, decreed a freeze on Mubarak’s assets hours after he resigned.

Egypt’s request last week to the European Union for a freeze on the assets of the country’s former ruling elite did not include Mubarak or his family.

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